CORPORATE | The so called “Milleproroghe decree” delays mandatory catastrophe insurance scheme until 31 march 2025

The Italian Legislative Decree No. 202 of 27 December 2024 (the so-called Milleproroghe Decree) has delayed the deadline for implementing the new rules on mandatory insurance against catastrophic events from 31 December 2024 to 31 March 2025.  Such provisions, introduced by Article 1-101 to 111 of Law No. 213 of 30 December 2023, establish the obligation for companies with registered offices in Italy and for companies with registered offices abroad that have a permanent establishment in Italy to take out insurance policies covering damage caused by natural disasters and catastrophic events to the assets listed in Article 2424.1.B-II numbers 1), 2) and 3), of the Italian Civil Code, which include land and buildings, facilities, machinery and industrial and commercial equipment.  Insurers, brokers and businesses are now awaiting the adoption of the final regulations defining the technical and procedural aspects of the policies.

Newsletter n. 104 – February 2025